Business
Papa John’s Announces Second Quarter 2020 Results and Provides Preliminary Estimated Comparable Sales for July
LOUISVILLE, Ky.--(BUSINESS WIRE)-- Papa John’s International, Inc. (NASDAQ: PZZA) today announced financial results for the three and six months ended June
About this update from Papa John's International, Inc.
[{"type":"text","content":" LOUISVILLE, Ky.--(BUSINESS WIRE)--\nPapa John’s International, Inc. (NASDAQ: PZZA) today announced financial results for the three and six months ended June 28, 2020. The company also provided an update on the business impact of the global coronavirus (COVID-19) pandemic.\n\n\nHighlights\n\n\n\nSecond quarter 2020 earnings per diluted share of $0.48 compared to second quarter 2019 earnings per diluted share of $0.15 \n\n\nSecond quarter system-wide North America comparable sales increase of 28.0%\n\n\nSecond quarter international comparable sales increase of 5.3%; Excluding temporary closures related to COVID-19, international comparable sales increase of 13.3%\n\n\nCash flow from operations of $87.7 million and free cash flow of $67.0 million for the first six months of 2020\n\n\nPreliminary estimated July fiscal period comparable sales increases of 30.3% for North America and 13.9% for international \n\n\n\n“Faced with an unprecedented global challenge but guided by our values and purpose, Papa John’s achieved record sales in the second quarter,” said Rob Lynch, President & CEO. “Across the U.S. and those international markets where delivery-based businesses have remained open, we have safely and successfully met the needs of millions of new and returning customers who have relied on us for high-quality, delicious pizza, Papadias, and other food during the pandemic. This was possible because of the dedication and hard work of our team members and local franchisees, as well as our work to create a more diverse, inclusive and innovative culture.”\n\n\nMr. Lynch continued, “Helping drive growth, our innovation pipeline continues firing on all cylinders with the launch of our hugely popular new Shaq-a-Roni pizza, which has generated over $2 million in charitable contributions that will go toward building the communities we serve. Our strong momentum has also enabled us to hire over 20,000 new restaurant team members during the second quarter and target hiring another 10,000 positions in the third, helping support those impacted by unprecedented levels of unemployment. These efforts position Papa John’s solidly to continue meeting the needs of our customers who face continued challenges from COVID-19, and to drive long-term sustainable loyalty to our brand long after the current pandemic.”\n\n\n\n\nGlobal Restaurant and Comparable...